https://www.taxtmi.com/circulars?id=70799 NDCF computation for InvITs permits add-back of road-project major-maintenance payments funded by external borrowing at HoldCo/SPV and Trust levels. The add-back requires project-specific unitholder approval, prescribed explanatory disclosures, and statutory-auditor certification that expenditure complies with concession-agreement obligations and is externally debt funded. Periodic reporting must separately identify major-maintenance borrowing, outstanding debt, net borrowing ratio components, and debt maturity profiles. en-us Fri, 14 Aug 2026 00:00:00 +0530 Fri, 14 Aug 2026 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=70799 NDCF computation for InvITs permits add-back of road-project major-maintenance payments funded by external borrowing at HoldCo/SPV and Trust levels. The add-back requires project-specific unitholder approval, prescribed explanatory disclosures, and statutory-auditor certification that expenditure complies with concession-agreement obligations and is externally debt funded. Periodic reporting must separately identify major-maintenance borrowing, outstanding debt, net borrowing ratio components, and debt maturity profiles. Circulars SEBI Fri, 14 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/circulars?id=70799